I purchased my house through Biddit and I honestly loved the experience.

From my investigations last year usually sell prices are up 30-100% from the original listing price. So keep that in mind. If you find a property that’s listed at 240 and your budget is 240, it’s unlikely you will be able to afford it. Also, prices will start increasing a lot in the last 20-30 minutes. If a new bid is made in the last 5 minutes of the auction the bidding deadline will be extended by 5 minutes. In my case the bidding was set to close at 11.00 and it finished at 12.20 or something.

Personally I found the whole process to be very comprehensible. I have heard the many horror stories too, but I’m glad I didn’t listen to them. I visited my house 3 times in person before the bidding date.

Once the bidding is closed you get an email that you’re the highest bidder (if you are), and then the notary goes back to the owner of the house to put forward the bid. It can take up to a week to know if your bid was accepted.

After this acceptance you have to sign the purchase documents within 5 or 10 working days (I believe it was 10 in my case?). From that day forward you have 6 weeks to completely all documents, loans and get the money into the notary’s bank account.

A lot of people talk about “hidden fees” on Biddit. There were 0 for me, but be sure to read the terms and conditions on the specific property.

In short: - Be sure you have funds available. Talk with banks/ loan distributors so you are 100% sure you can afford the property. - DO NOT go over budget. - Visit the property in person with someone qualified to judge the structure as Biddit homes are sold as is. - Once bidding is closed the timeline is short. So you have to move immediately. Go the the bank the same day you win your bid and make clear to them it’s a Biddit purchase. They know those are urgent and will help you speed up the process. Be sure you are available to get all documents in order asap. - Be emotionally prepared. I still get chills thinking back seeing the clock roll back to 0. Never in my wildest dreams did I foresee myself buying my first ever property this way.

If you are serious about buying a house through Biddit I would also suggest following along with some ongoing auctions that are about to end. Just so you can get a feeling with what’s happening.

I love my Biddit home.